March 09, 2012, Friday,
The daily chart of Nifty suggest weakness. However, today being the last trading session of the day, I will update on Saturday the outlook for the weeks ahead based on the closing of the week.
As we see on the chart, the MACD divergence is -44.04, Slow stockastic -ve and the StockRSI at 0.5.
Even the RSI is 29.04. Which suggests, if the Nifty spot closes below 5198, the selling will gain the momentum.
But, 5198 being an important support and the 200 DMA of Nifty spot placed at 5164, market will take support at 5200 levels in case of panic sellings through out.
As, Nifty spot has crossed the 200 DMA with 3 failed attempts in last year, it seems that the momentum will remain in favor of bulls until 2 closings below 200 DMA takes place.
For the day, important resistance is placed at 5327 in Nifty spot which is its 8 EDMA and support is placed at 5250 in Nifty spot which is its 200 hrs Exponential Average.
goswamisheetalpuri5@gmail.com
The daily chart of Nifty suggest weakness. However, today being the last trading session of the day, I will update on Saturday the outlook for the weeks ahead based on the closing of the week.
As we see on the chart, the MACD divergence is -44.04, Slow stockastic -ve and the StockRSI at 0.5.
Even the RSI is 29.04. Which suggests, if the Nifty spot closes below 5198, the selling will gain the momentum.
But, 5198 being an important support and the 200 DMA of Nifty spot placed at 5164, market will take support at 5200 levels in case of panic sellings through out.
As, Nifty spot has crossed the 200 DMA with 3 failed attempts in last year, it seems that the momentum will remain in favor of bulls until 2 closings below 200 DMA takes place.
For the day, important resistance is placed at 5327 in Nifty spot which is its 8 EDMA and support is placed at 5250 in Nifty spot which is its 200 hrs Exponential Average.
goswamisheetalpuri5@gmail.com
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